OKW 2042 - 2057 deed

[jekjones1558]

I have tried to follow the extension threads and don't think the following question has been raised (but could have missed it--sorry if I did):
Will those of us who choose not to extend our OKW contracts be provided with a form of some kind to deed our rights from 2042 - 2057, or will each of us have to go out and get this done privately? I am not that great at reading legalese, but couldn't find the answer to this in the letter I received today.

 

[JimC]

The notice is unclear but I suspect that members will get information from DVC with instructions on how to opt out. If you elect not to extend I expect DVC will prepare the deed and associated paperwork for you.

I also suspect from the wording of the notice that DVC will put a special assessment lien on all OKW contracts in 2008 unless they get payment or the assignment.

 

[dianeschlicht]

Glad to see at least one Minnesotan got the letter. I haven't gotten anything yet.

 

[tfc3rid]

Sounds like there is nothing for you to do... Sounds like the choice is to either receive a 'deed' for 2042 to 2057 OR Disney will 'pay' the extra $$ per poiint for 2042 to 2057 and 'buy back' your ownership interest from 2042 to 2057.

 

[jarestel]

Glad to see at least one Minnesotan got the letter. I haven't gotten anything yet.

Defectors to AKV got moved to the bottom of the OKW mailing list.

 

[mikesmom]

We got the letter today. On the legal paper with it, it says we will have to deed our interest from 2042 through 2057. Otherwise, DVC will just assess us for the money.

Also, I didn't see anything about $15 - just the $25/point figure. Where is everyone getting the $15, or was that wishful thinking?

 

[Candace]

We got the letter today. On the legal paper with it, it says we will have to deed our interest from 2042 through 2057. Otherwise, DVC will just assess us for the money.

Also, I didn't see anything about $15 - just the $25/point figure. Where is everyone getting the $15, or was that wishful thinking?

So does this mean we pay one way or the other? Now that is just not right!! I will be 92 in 2042 and I don't want to extend my contract. Will I still have to pay (as in assessment)?

 

[RobDoc]

So does this mean we pay one way or the other? Now that is just not right!! I will be 92 in 2042 and I don't want to extend my contract. Will I still have to pay (as in assessment)?

This is being called a "Special Assessment" by DVD. There are two ways to satisfy the assessment - one way is to pay the $25 per point to DVD (or whatecer amount they ultimately settle on) and the second way is to assign your rights to the OKW property - from Jamuary 31, 2042 - January 31, 2057 - to DVD. By using the 2nd method you will will not need to pay anything and will not have a lien on your ownership.

We should all get more detailed information once this becomes "official". The letters being received at this time are merely announcements of the meeting where these resolutions will be voted upon by the DVC Board of Directors and the Members Association. Once these resolutions have passed (and they certainly will pass), OKW owners will get an "official" notification of the details of the extension including any discount offered to owners - even though the present resolution is for a price of $25 per point. I expect that details regarding how to complete the 2042-2057 deed assignment will also be included with the follow-up letter.

Stay tuned!

 

[Dis13]

Has anyone spoken with their Guide about this?

 

[jekjones1558]

So does this mean we pay one way or the other? Now that is just not right!! I will be 92 in 2042 and I don't want to extend my contract. Will I still have to pay (as in assessment)?

If you choose not to extend, you will need to deed your 2042 - 2057 rights to DVD in lieu of the $25/point assessment. If you don't assign the years to DVD through paperwork, then a lien will be put on your points for the $25/point assessment. Since we do not want to extend, we want to deed over our rights. That is why I posted this thread: Who is responsible for generating the document for me to sign that gives DVD my 2042 - 2057 rights?

 

[tfc3rid]

I'm sure DVD will have this drawn up for our signatures.

 

[pchpie]

will they do this at all 2042 resorts? i am waiting to close on 210 vwl points, just passed rofr.

 

[dianeschlicht]

will they do this at all 2042 resorts? i am waiting to close on 210 vwl points, just passed rofr.

That's an excellent point. It could have a slightly negetive impact on resales at least for the time being.

 

[RobDoc]

If you choose not to extend, you will need to deed your 2042 - 2057 rights to DVD in lieu of the $25/point assessment. If you don't assign the years to DVD through paperwork, then a lien will be put on your points for the $25/point assessment. Since we do not want to extend, we want to deed over our rights. That is why I posted this thread: Who is responsible for generating the document for me to sign that gives DVD my 2042 - 2057 rights?

DVD will take care of all documents for this assignment.

In fact, I suspect that the lien would not even be an issue unless/until you try to sell your contract. (Perhaps one of our legal experts can comment about that.) I suspect that the reported discount of $10 per point will be offered thru February 29, 2008 , DVD will also offer financing for those interested, DVD will provide assignment documents for those who do not want the extension, DVD will hold to the $25 pricing for anyone who decides after February 29, 2008 that they want the extension and those who end up with a lien placed on their account but simply allow the contract to expire on January 31, 2042 will have no other costs to pay. Those with a lien who try to later sell their contract will then need to either purchase the extension at $25 (or whatever the going rate may be at that time) or sign over the extension to DVD at that time.

 

[RobDoc]

will they do this at all 2042 resorts? i am waiting to close on 210 vwl points, just passed rofr.

I expect that other onsite resorts will eventually have the same option - possibly depending on the response they get from the OKW offering. It will be interesting to see whether VB and HH owners are offered the same extension.

 

[JimC]

Another possibility is that the special assessment lien is treated like unpaid dues and you can not use your membership until it is satisfied. A bit extreme, but it would force decisions to be made and DVC could move onto whatever they have next on their agenda.

 

[jarestel]

It will be interesting to see whether VB and HH owners are offered the same extension.

That will be interesting indeed!

 

[JimMIA]

I'm sure DVD will take care of the paperwork properly, so I'm really not concerned about that aspect of the issue.

However, I have a bit of trouble understanding how I can deed rights from 2042 - 2057 to DVD or anyone else which I don't own! I only own up until January 31, 2042...right?

It's no big deal -- I don't want those years -- but it makes no sense to me.

 

[RobDoc]

I'm sure DVD will take care of the paperwork properly, so I'm really not concerned about that aspect of the issue.

However, I have a bit of trouble understanding how I can deed rights from 2042 - 2057 to DVD or anyone else which I don't own! I only own up until January 31, 2042...right?

It's no big deal -- I don't want those years -- but it makes no sense to me.

That's the purpose of this resolution - to extend all of the current deeds thru 1/31/2057 and it's also the reason for the "Special Assessment". In this context, all OKW owner's deeds would get the extension without asking for it and would be required to either pay DVD the $25 per point or assign the rights for the additional years to DVD. After about 2:15pm on September 24, 2007 all OKW owners will own thru 1/31/2057 and will have a "Special Assessment" in recognition of that decision. Owners can satisfy the assessment by either paying the monetary amount or "subletting" the last 15 years to DVD. The resolution will automatically extend the timeframe for the deed - the only decision for current owners is how to satisfy the accompanying assessment.

 

[Patty3]

This is the first I have heard about this. When did this all come about and does it just pertain right now to OKW?